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Intangible assets
 12 Months Ended
Mar. 31, 2024
MiX Telematics Limited [Member]  
Intangible assets

7. Intangible assets

 

Intangible assets comprise the following (in thousands):

 

      As of March 31, 2023   As of March 31, 2024 
   Useful life (in years)  Gross carrying amount   Accumulated amortization   Net   Gross carrying amount   Accumulated amortization   Net 
Patents and trademarks  3 - 10  $90   $(63)  $27   $91   $(67)  $24 
Customer relationships  1 - 10   8,234    (3,061)   5,173    6,000    (1,955)   4,045 
Internal-use software, technology and other  1 - 20   39,031    (22,336)   16,695    39,079    (22,356)   16,723 
Total     $47,355   $(25,460)  $21,895   $45,170   $(24,378)  $20,792 

 

For the years ended March 31, 2023 and 2024, amortization expense of $5.9 million and $6.2 million has been recognized, respectively. Non-cash disposals of $1.5 million and $6.9 million were recognized for the years ended March 31, 2023 and 2024, respectively, and form part of accumulated amortization movements. Foreign exchange related gains of $3.7 million and foreign exchange related losses of $0.4 million, on accumulated amortization, were recognized for the years ended March 31, 2023 and 2024.

 

The weighted average amortization period of intangible assets purchased during the year ended March 31, 2023 and 2024 is 8 years and 4 years, respectively.

 

As of March 31, 2023 and 2024, there was internal-use software in progress of $3.3 million and $3.1 million, respectively.

 

As of March 31, 2024, the estimated future amortization expense is as follows (in thousands):

 

Years ending March 31,    
2025  $7,553 
2026   5,766 
2027   4,964 
2028   2,219 
2029   279 
Thereafter   11 
Total  $20,792